Why ApeCoin Traders Should Expect The Next Coming Days To Be Tough For APE

Name	Symbol	Market	Market Cap ($)	Algorithm
Huobi Token	HTUSD	Crypto	127,390,057	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Huobi Token

HTUSD

Crypto

127,390,057

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.020987	2.70%	0.798404	0.798404	0.817413

Price Change

Price Change %

Current Price

Bid Price

Offer

0.020987

2.70%

0.798404

0.817413

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.839764	0.7671	0.778413	0.777417	0.280599 - 12.79

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.839764

0.7671

0.778413

0.777417

0.280599 - 12.79

Exchange	Last Trade	Size	Trade Price	Currency
GATE	19:31:32	2.18	0.79854	USD

Exchange

Last Trade

Size

Trade Price

Currency

GATE

19:31:32

2.18

0.79854

USD

Price x Volume	Volume	Base Symbol	Related Pairs
395.38	475.56	HT	HTEUR	HTGBP	HTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

395.38

475.56

HTEUR

HTGBP

HTBTC

Why ApeCoin Traders Should Expect The Next Coming Days To Be Tough For APE

12/10/2022 3:17pm

NEWSBTC

Since its release on May 22 this year, ApeCoin has experienced lots of challenges. To date, its prices have steadily decreased. The difficulties started in the middle of the May–June crypto market meltdown. Although ApeCoin was designed to aid the APE project on its Web3 journey, the token’s price has recently broken to a bearish structure after falling below the $5 support level. If the bearish structure continues to gain ground, does that mean a rally is imminent? As of this writing, APE is trading at $4.72, down 7.6 percent in the last 24 hours, data from Coingecko show, Wednesday. Related Reading: Huobi Token Spikes Nearly 30% In Last 24 Hours As HT Seen Rising On Revival Plans Chart: TradingView Support For Current Price Range There is a price range of $4.3145-$6.4290 for the coin right now. The aforementioned $4.3145 range is providing support for the current trading range. In August, bulls used the latter method to try to break over the $7 resistance level. The token has recently established a bearish XABCD pattern, often known as a double triangle. When the token’s price fell below the $5 support level it had been hovering above since the middle of September up to October 10, the bearish pattern intensified. The market’s reaction to this apparent price break was strongly bearish, and the resulting sell-off drove prices down by 19.43%. The market is currently trading in the green, though, as investors attempt to recover from the recent downturn. Hope Or False Optimism? For the token, the present trend reversal is not unprecedented. The price increase from June to August was a bullish reversal after the token declined from May to June. This sort of reversal is possible if market conditions are favorable. The current $5 support line breach can go one of two ways: (1) it can convey sell signals to investors, or (2) it can give an opportunity to buy the dip for token investors A new analysis indicates that the supply on exchange metric is currently at its highest level in three months, which is a strong indication that APE holders are preparing to sell their shares. The CMF figure is also unimpressive. At the time of writing, the bears have total market control. Stoch RSI is currently in oversold zone, indicating that ApeCoin holders are actively selling. The Bollinger band is also contributing to the difficulty of any bullish movement, as the indicator’s middle band is currently acting as dynamic resistance. Related Reading: Stellar Soars 6% In Last 30 Days – Can XLM Keep On Shining This Week? APE market cap at $1.4 billion on the daily chart | Featured image from Capital.com, Source: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

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